Eicher Motors' promoters sell 4.2% stake in Co for Rs 2,100 cr

NEW DELHI: Three promoters of Eicher Motors Limited (EML), have informed the company that they have sold 1,140,846 equity shares (representing 4.2 percent) in EML.

Anita Lal, wife of Vikram Lal, former Chairman of EML, Rukmani Joshi and The Eicher Goodearth Trust, part of the promoter group of Eicher Motors Limited (“EML” or “Company”) have sold their shares for an aggregate realisation of Rs 2,100 crore.

This sale has been done to provide liquidity to the promoters, and the proceeds will be utilized for personal uses, such as portfolio and other investments, and for charitable purposes.

Following the sale, the promoter group will continue to hold 50.67 percent stake in EML. The promoters intend to maintain a majority share in EML, and do not plan to sell any further shares in the foreseeable future.

Siddhartha Lal, Managing Director and CEO, Eicher Motors Limited, and also a part of the promoter group, said “EML is a standout success and we are immensely proud of our company's journey so far. We believe there is a huge growth potential for EML in its domestic and overseas markets. We have the right business strategy and management team to deliver our growth aspirations. I am excited to continue to steer EML’s next phase of growth.”